Today is Friday, and the monthly line will be closed tomorrow⚠️❗️❗️
The big market will be in these two days. At present, the price of Bitcoin has been fluctuating, that is, in the range of 58,000-61,000. So tonight and tomorrow will be the time for a change. The difficult August will finally pass. Next, will it continue to pull back or continue to move forward to start a bull market.
Yesterday, Bitcoin touched the 61,000 line. After clearing almost 10 shorts, the price began to fall, and fell to around 58,700 to wait for support. The overall trend is still relatively volatile. The general direction may wait for the closing of the monthly line. Whether to pull up directly or to test the bottom around 55,000 before pulling up, remains to be investigated, but it is still relatively optimistic. First test the bottom and then pull up, so that it can go further, otherwise, it will not be much, and it will continue to pull back.
There should also be a lot of fluctuations tonight, because 62,000 Bitcoin options and 530,000 Ethereum options are about to expire, involving a nominal value of US$3.66 billion and US$1.34 billion, respectively. The Put Call Ratio of Bitcoin options is 0.59, and the maximum pain point is $61,000. The Put Call Ratio of Ethereum options is 0.49, and the maximum pain point is $2,800.
So far this week, the EFT of spot Bitcoin has been flowing out, and it has been like this for a week. Why is there so much capital fleeing after the interest rate cut? This is a bit strange. The Bitcoin funding rate is about to become negative.
From the one-hour trend of BTC, the indicators continue to be repaired, and there is also a wave of rebound. MACD has formed a golden cross at the bottom, and the three major indicators are all upward. Then this wave of rebound should reach around 60721. If it does not break 61500, it is still an opportunity for shorts to bottom out. The general trend is still the short trend and has not changed.
